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FG Moves To Stop $10bn Capital Flight In Welding Industry

Business 360 by Business 360
December 5, 2023
in News
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FG Moves To Stop $10bn Capital Flight In Welding Industry

In a bid to address the annual revenue loss of $10 billion attributed to the importation of internationally certified welders, the Nigerian federal government has introduced the National Policy on Welding and Welding-related Fields, accompanied by a Strategy Implementation Action Plan.

The ceremonial unveiling, which took place in Abuja on Monday, was led by the Minister of Innovation, Science, and Technology, Geoffrey Nnaji.

Nnaji emphasized that the new policy aims to tackle the longstanding issue of neglect and lack of regulation in the welding sector, which has traditionally been dominated by uncertified personnel.

The minister highlighted the sector’s significant contribution, stating that welders contribute to over 70% of all fabricated products, with a substantial portion of the wages going to non-certified personnel.

Addressing the specific challenges in the oil and gas industry, Nnaji emphasized the need for special attention to the influx of foreign welding personnel.

 The implementation of this policy is expected to enhance the certification and regulation of the welding sector, reducing the dependence on foreign experts and retaining a more significant share of revenue within the country.

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